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iCAD, Inc. (Nasdaq: ICAD), an industry-leading provider of advanced image analysis, workflow solutions and radiation therapies for the early identification and treatment of cancer, today reported financial results for the three and nine months ended September 30, 2011.
Ken Ferry, President and CEO of iCAD, commented, “Our third quarter results feature strong revenue growth in both our cancer detection and brachytherapy businesses, with each area posting double-digit revenue gains sequentially and over the same period last year.
“Our brachytherapy business continues to gain momentum driven by the growing interest in breast intraoperative radiation therapy (“IORT”). We recently participated in the annual meeting of the American Society for Therapeutic Radiology and Oncology, where we were extremely encouraged by the high level of interest in the Axxent® eBx™ platform by the clinical community. Adding to this momentum, new reimbursement codes for IORT were assigned by the American Medical Association and reimbursement payment rates from the Centers for Medicare and Medicaid are currently anticipated by November 1
st. We believe compelling clinical data supporting the use of IORT in breast cancer treatment combined with appropriate coding and reimbursement will be strong catalysts for enhancing the adoption of IORT and driving revenue growth for our brachytherapy platform.
“Our cancer detection business also performed well in the quarter, with much stronger demand in the U.S. for our Digital Mammography and MRI products. Our mammography business has received a positive response to a new CAD solution that connects to multiple brands of digital mammography equipment simultaneously within a department. In addition, our new product platform for use with breast and prostate MRI continued to achieve strong comparative growth on a quarter and year-to-date basis.
“Overall, we were quite pleased with the progress that was achieved in the quarter. It is gratifying to see results of our strategy to provide a broader offering of solutions to the oncology market, and the traction gained by each of our businesses," concluded Mr. Ferry.